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MENAFN - ProactiveInvestors - Australia - 18/12/2012

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(MENAFN - ProactiveInvestors - Australia) Deep Yellow (ASX: DYL) has increased the December 2011 Inferred Resource for the Shiyela Iron Project in Namibia by 36.4 million tonnes to 115.1 million tonnes at an enhanced grade of 19.5% iron.

The resource update was completed by Golder Associates Pty Ltd (Perth).

Almost 80% of the M62 magnetite deposit has been upgraded to Indicated Resources, while for M63 about 10% of the mineralisation has been classified as Indicated Resources.

The magnetite-dominant M62 deposit, capable of producing a 68% iron product, has an Indicated and Inferred Resource of 44.7 million tonnes at 17.3% iron and overall weight recovery of 16.37%.

A satellite deposit to M62, known as M62R, has an Inferred Resource of 9.3 million tonnes at 16.3% iron with an overall weight recovery of 17.4%.

The mixed magnetite-hematite M63 deposit, capable of producing a 63.8% iron product, has an Indicated and Inferred Resource of 61.2 million tonnes at 21.6% iron with an overall weight recovery of 28.9%.

Metallurgical testwork by Mintrex Pty Ltd has enabled a more cost effective plant design which will recover both magnetite and hematite fractions.

The additional testwork provided the information required for an improved flowsheet design that will allow the recovery of both magnetite and hematite.

The magnetite is recovered to a product grade of 68% iron and the hematite to a grade of 61% iton. It is expected that up to 85% of the contained iron will be recovered.

Deep Yellow managing director, Greg Cochran, commented: "We have now advanced our understanding of the Shiyela Iron Project through this comprehensive drill and metallurgical testwork campaign.

"We are a lot closer to our initial expectations and firmly believe that the project can now, under the right circumstances, be taken to the next step in its development."

The resource update is based on results obtained from a PQ core drilling campaign completed earlier this year and additional metallurgical testwork; Davis Tube Recovery and Davis Tube Concentrate assays on the magnetite domain samples and Fusion X-ray Fluorescence assays on hematite domain samples.

The Shiyela Iron Project is held by Shiyela Iron (Pty) Ltd, a 95% owned subsidiary of Deep Yellow and the company's Namibian empowerment partner Oponona Investments (Pty) Ltd (5%).

The project is located entirely within EPL 3496 which is held by Deep Yellow's wholly owned Namibian subsidiary Reptile Uranium Namibia (Pty) Ltd.

Shiyela Iron was recently provided with a Notice of Preparedness to Grant a Mining Licence (MLA176) by the Ministry of Mines and Energy of the Republic of Namibia.


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